Polygon Whales Increase Their Holdings
According to on-chain data, Polygon whales have been acquiring a significant amount of MATIC tokens in the past week. These whales, defined as holders with 10 million to 100 million MATIC, have been accumulating the cryptocurrency. The movements of these powerful entities can have an impact on the price of the asset.
Rise in Exchange Reserves
The exchange reserve, which tracks the total amount of Polygon held in centralized exchanges, has been increasing. This suggests that investors have been depositing their coins, potentially for selling purposes. Despite a significant downtrend in the asset’s price, the exchange reserve continues to rise, indicating ongoing selling pressure.
Implications for MATIC Price
While whale accumulation is a positive sign for Polygon’s price, the continued inflow of coins into exchanges may hinder any short-term benefits. Currently trading above $0.77, MATIC has experienced a 21% decrease since its recent peak.
Hot Take: Whale Accumulation and Exchange Inflows Impact MATIC Price
The increase in MATIC holdings by Polygon whales is an encouraging sign for the cryptocurrency’s future. However, the ongoing influx of coins into exchanges suggests that selling pressure persists. This dynamic could impede any immediate price gains for MATIC in the near term.
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